Latest news with #IslamicArbitrationConference2025
The Sun
31-07-2025
- Business
- The Sun
Malaysia's cross-border insolvency bill to boost investor confidence
KUALA LUMPUR: The newly passed Cross-Border Insolvency Bill 2025 is set to enhance investor confidence and align Malaysia with international business practices, according to Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. The bill, approved by a majority voice vote in the Dewan Rakyat on July 29, will next be presented to the Dewan Negara. Azalina highlighted its significance for Malaysia's economic growth, stating, 'For many outside the business sector, cross-border insolvency may not be clear. But for businesses, it is crucial for a developing nation like Malaysia.' Speaking at the Islamic Arbitration Conference 2025 at the Asian International Arbitration Centre (AIAC), she emphasised that the reform reflects Malaysia's dedication to keeping up with global standards. 'This bill reassures investors that Malaysia is keeping pace with international practices,' she added. Azalina also noted Malaysia's leadership in Shariah-compliant sectors, including Islamic finance and banking. 'Given our strong foundation, we must expand our influence in Shariah-based Alternative Dispute Resolution (ADR),' she said, commending AIAC's new Islamic mediation rules. AIAC CEO Datuk Almalena Sharmila Johan highlighted the growing need for culturally sensitive dispute resolution in cross-border commerce. The centre is preparing to launch the 2025 Suite of Rules, including updated i-Arbitration Rules, to provide Shariah-compliant solutions for global users. - Bernama
Barnama
31-07-2025
- Business
- Barnama
Madani Government's Economic Reform To Boost Investor Confidence, Says Azalina
KUALA LUMPUR, July 31 (Bernama) -- The Cross-Border Insolvency Bill 2025 will boost investor confidence and align Malaysia with global business standards, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. She said the bill has been passed by a majority voice vote in the Dewan Rakyat on July 29, and will be brought to the Dewan Negara next. 'For many people outside the business sector, the meaning of cross-border insolvency may not be clear. However, for those involved in business, it is extremely important for a growing country like Malaysia.' The minister said this in her keynote address at the Islamic Arbitration Conference 2025: Advancing Islamic Arbitration on the New Global Frontiers at the Asian International Arbitration Centre (AIAC) today. Azalina said the reform demonstrates Malaysia's commitment to keeping pace with international practices. 'My biggest point when we speak about cross-border insolvency is its ability to give great confidence to investors. We need that to show that Malaysia will not be left behind,' she said. As a country with a long-standing commitment to Shariah-compliant development, Azalina said Malaysia is exceptionally well-placed to lead the global effort in Islamic arbitration, having pioneered areas such as Islamic finance, banking, and Islamic governance frameworks. 'In the Islamic finance and banking sector, complex cross-border financial transactions often involve hybrid legal instruments, multiple regulatory frameworks and stakeholders who demand certainty not only from a legal perspective but also from a Shariah compliance standpoint. 'We must now leverage this strong foundation to expand our influence across other interrelated sectors and fortify our leadership in Shariah-based Alternative Dispute Resolution (ADR),' she said while extending her best wishes to the AIAC for embarking on another landmark initiative with the creation of the Islamic mediation rules.
